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If aggregate demand grows more rapidly than aggregate supply, prices
a) and nominal GDP are both likely to rise
b) are likely to rise but nominal GDP is likely to fall
c) and nominal GDP are both likely to fall
d) are likely to fall but nominal GDP is likely to rise.
To purchase a house for $80,000, a new couple has $12,000 available for down payment. get a new standard mortgage with 10% APR interest compounded monthly for a 30-year term. What is the effective rate for option 2 per year? Compute the monthly payme..
This problem uses a utility function of the form U = 1 – exp(-0.002 X Income) where exp(z) means “ez”. The problem analyzes a gamble in which Income = 1,000 with probability 0.4 and Income = 3,000 with probability of 0.6. Calculate the expected incom..
Suppose Jacqueline likes to do two things with her disposable income: ride ponies and blow things up. The price of each pony is $200 and the price of each stick of dynamite is $100. Fill in the table with the marginal utility for each pony and each s..
In general, the marginal cost (MC) curve is U-shaped as you learned in the lectures and the textbook. However, exception exists. Please provide at least one industry as an example to illustrate that MC is not U-shaped. Explain briefly the shape of MC..
Describe in 100 words or less the condition of “full employment” and explain why, even under the conditions of full employment, there is still a percentage of the labor force who are not working.
Describe the two possible effects that an increase in the wage rate can have on labor supply. Which effect do you expect to dominate under normal circumstances?
Discuss income elasticity as it pertains to inferior goods and to normal goods (sometimes also called superior goods).
Apple Computer wants to have $2.1 billion available 5 years from now to finance production of a handheld “electronic brain” that, based on your behavior, will learn how to control nearly all the electronic devices in your home, such as the thermostat..
You are the CEO of a firm that has manufacturing facilities in an emerging market. Suppose that country's government decides to impose trade restrictions requiring that all companies be majority-owned by domestic firms. What actions would you take..
About the Utility is..
7) in 1988, the average wage rate was 9.45 an hour and in 2008 the average wage rate was 18 an hour. The CPI in 1988 was 118.3 and in 2008 it was 215.3. which is real wage rate is higher?
Money has several uses, in society. You might want to start by explaining what money does for us. Could we live without physical (cash) money? The banking system creates the money in the US ( the few physical bills are just receipts for bank reserves..
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